Caddick Group announces pre-tax profits of £18.8m as development pipeline hits £2bn

Caddick Group, headquartered in Wetherby, has reported a rise in profits following a year of growth for all of its core group businesses and a development pipeline now worth a GDV of over £2bn.

The business, which works across the property development, property management, construction and civil engineering sectors, reported pre-tax profits of £18.8m in its annual report for the year ending 31st August 2016.

During this period the group’s operating arms, Caddick Developments, Caddick Construction, Caddick Civil Engineering and Moda Living, generating significant turnover and profitability.

Caddick Group’s property development arm Caddick Developments, completed phase one of its £100m distribution and logistics scheme near Wakefield, Crosspoint33, let to TJX, parent company of TK Maxx, and forward sold to Tritax. An occupier is now being sought for phase two of the scheme.

Caddick Developments is also continuing to expand in the North West with the recent appointment of Steve Widdowson as its director for the region. Steve will spearhead the company’s growth in the north West through investment in projects, including city centre office/mixed use developments in Manchester and out-of-town industrial spaces in strategic locations across the North West.

Caddick Construction has seen activity levels increase with turnover levels up 17% on the previous year to £81m.

The Moda Living brand, a joint venture between Caddick and Generate Land, continued to grow in the Private Rented Scheme (PRS) residential market. The flagship Angel Gardens, Manchester development secured £85m of bank funding and started construction in December 2016.

The JV has acquired or contracted to buy further sites in Liverpool, Glasgow, Edinburgh and Birmingham.

Paul Caddick, chairman of Caddick Group, said: “The Caddick Group financial results for 2016 are a reflection of the hard work and dedication of our in-house teams who have overseen the acquisition and delivery of a number of key projects over the past year.

“We continue to invest in the growth of the business through strategic land acquisition and look forward to building on these results in 2017.”